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Public Money Formerly: The printing of paper money appeared to be the only practical choice, so in February 1862, Congress authorized an issue of $150 million of U. S. notes. These notes were also known as "legal tenders" and were popularly called "greenbacks" because they were printed in green ink, in contrast to the backs of gold certificates, which were printed in yellow.
The greenbacks were the first paper money issued by the U. S. government. They were fiat money, since their only backing was the government's promise to pay. But they were legal tender for all debts, public money formerly and private, except interest on the public money formerly debt and customs duties.
GRESHAM'S LAW, gresh'amz, in economics, is usually stated as "bad money drives out good." The law stems from the fact that money has a value both as money and as a commodity in the open market. The former value is set arbitrarily by law and is relatively fixed; the latter is determined by supply and demand and varies from time to time, "Good money" has a higher value as a commodity than as money and will disappear from circulation.
Lots of Glass, not Enough Cash
Brooklyn public money formerly Library admitted last week that it is struggling to raise enough money to build a chic - and expensive - Visual and Performing Arts Library at Flatbush and Lafayette avenues in Fort Greene.
Designed by architect-of-the-m oment Enrique Norten, the slinky, all-glass, ship-bow-shaped library will cost between $70 and $85 million.
"The biggest question right now is where we will find the money to build," said Brooklyn public money formerly Library Executive Director Ginnie Cooper.
To jumpstart the latest fundraising campaign, on Tuesday, the library had Norten show off tweaks in his well-received design to the library's board of trustees. |
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